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Selling Your Business Plan: Tips for Hitting the Homerun

Guest post by: Floyd Talbot

Article Overview: Now that you have written your business plan, what next? You have to sell it! Yes as a business owner with the next best idea, you have just become a sales person. You may have thought, “But I’m the thought leader and must develop the product/services for the market. I just want the lender or investor to give me the money I need to get to market.” This isn't enough. Your business plan must be a persuasive document that catches the lender's eyes and thoughts in the first 30 seconds. The first couple of sentences must grab his attention and beg him to read further. You must get the lender to say "Ah ha!"

Selling Your Business Plan: Tips for Hitting the Homerun

Just like writing a book for publication, you must convince the publisher that it will take on Amazon and the bookstores in a huge way. You have to sell it or the publisher may not be interested in it as the next best seller. A book proposal is normally accompanied by an introductory or query letter that places you in the best light as an author. You have so many words to convince the publisher that he or she must publish you book.

The same holds true with a business plan. Your summary must be powerful and persuasive and have the WOW factor.However, it's not enough that you have a grand opening for your business plan. You have to pitch it in person. Presentation makes your pitch person-to-person. This is where the double WOW comes into play. Consider the following Presentation factors for presenting your plan to a lender:

1. Hit a home run with your initial 30-second commercial - It's all about you so tell them your story.

2. Start out with a question that points to a success factor (i.e., "How would you like to be on a team that...").

3. Get the investor/lender to say yes to every query/question.

4. What's your product? How will it make a difference? Whenever I hear about some get-rich-quick scheme advertised on TV or radio about some Internet business that you can work part-time, I wince. I don't hear about a product. What's the product?

5. So what? How are your products/services different? How do you stand out in the crowd of a dime a dozen products?

6. Know your market - In a couple of sentences, explain your market, who's in it, and why your customer will buy from you rather than from your competitor. Never say, "There's no competition." Is the market growing, and is there room for you in it with a wrinkle?

7. Who's your customer? Give a simple and speedy profile. Speak as though you know them personally.

8. What are your risk factors? Obstacles? Roadblocks? How will you address them?

9. Proforma - When will you make a profit? How much do you need? What is the exit strategy?

10. Close the sale - Ask for the money. An offer isn't done until you ask for the sale. Leave room for questions, and return to #3 and how many yes's you got and capitalize on them in the close.

With these, you should knock it out of the ballpark.

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Article Tags: business plan, customer, financials, investor, lenders, market, money, products, selling
Referred by: http://www.Andrew-Rogerson.com



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Business Innovation - Hi Simon If you can finish off the Business Plan and think about your strategic direction or how you are going to use your product to convince people it's a great idea, it will set the foundation for your programming project. You see, when you are looking for funding you will need a Business Plan and Strategic Plan that will convince companies to invest into your new idea. Has anyone achieved this idea before using another industry besides health and fitness that you know of? You should also design some mockups as a "preview" for your programming project. This will also help reduce your programming costs as everyone will know exactly what you want if you have detailed mockups already completed including any functionality you require. Starting mockups for websites and software applications on paper is the best way if you're not a guru in graphic editing software.
Re: NEW VIDEO - How to improve your business plan - Ask Evan - Thanks Evan, great intro into how the VC's see business plan. I will take a look, but hope that this video as number 1 in a series. It is unfortunate that these types of errors, the most basic of errors as you point out here are common to too many business plans, having reviewed a few hundred myself from both a development and funding perspective. As a mentor and workshop facilitator for Business Plan development for a number of start-up IT and multimedia companies, your presentation help support and show how the VC's see and evaluate a plan Shameful, that too many don't take the time to learn how to properly prepare, present and defend their plans. Over the years, I have enjoyed Business Plan competitions, and help re-work some of the winning proposals
Business Tips - How about: Tips for managers to handle employees more effectively? Tips on how to deal with difficult customers? Tips on how to deal more effectively with suppliers? The only three I have in mind right now, but will try to come up with something else. Chris
New Small Business Topic - Hello everyone, I'm on the lookout for new topics to add to my site. We just launched a Franchising section and are planning Human Resources section. Do you have any thoughts for a new section? Here's a list of what we currently have: Angel Investors Branding Bank Loans Business Coaching Business Plan Franchises (New) Insurance Legal Marketing Public Relations Sales Small Biz Loans Venture Capital
Blog pinging - Thanks Martin - yes, I do ping and it has been very effective. I'm currently on the first page of Google for Mastermind Group and on the second page for Selling to Small Business.


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